Summary of Key Points Core Viewpoint - The latest data from Steel Silver E-commerce indicates a decrease in total steel inventory across 38 cities in China, reflecting a downward trend in stock levels for various steel products as of November 24. Inventory Data - The total steel inventory across 135 warehouses in 38 cities is 8.8696 million tons, a decrease of 231,100 tons from the previous week, representing a decline of 2.54% [1] - The inventory of construction steel is 4.5574 million tons, down by 172,500 tons, which is a reduction of 3.65% [1] - Hot-rolled coil inventory stands at 2.2967 million tons, with a decrease of 67,800 tons, reflecting a decline of 2.87% [1] - Medium and heavy plate inventory totals 757,500 tons, showing a slight decrease of 2,500 tons, or 0.33% [1] - Cold-rolled and coated inventory has increased to 1.2580 million tons, up by 11,700 tons, which is an increase of 0.94% [1]

Group 1 - The core viewpoint of the article highlights the steel inventory levels of key steel enterprises in China, showing a decrease in inventory compared to the previous period and year-on-year changes [1][2] Group 2 - As of late July 2025, the steel inventory of key enterprises reached 14.78 million tons, a decrease of 880,000 tons or 5.6% from the previous period [1] - Compared to the beginning of the year, the inventory increased by 2.41 million tons, reflecting a growth of 19.5% [1] - Year-on-year, the inventory decreased by 1.27 million tons, a decline of 7.9%, while compared to two years ago, it increased by 290,000 tons, or 2.0% [1] Group 3 - Regionally, in late July, steel inventory levels varied across six major regions, with only North China and Northwest regions showing an increase, while other regions experienced varying degrees of decline [3]